Ohio DOI Offers New Online Service

According to the article "Ohio DOI Unveils New Online Service for Ohio Agents" on insurancejournal.com, the Ohio Department of Insurance (DOI) announced that it will be providing a new online service that will help about 81,000 licensed Ohio insurance agents to keep track of their continuing education credit through the Internet.

Ohio resident insurance agents are able to log onto the Ohio DOI website to find their continuing education status, and find information about approved courses and other licensing opportunities and requirements.

Insurance companies can see the status of agents if they subscribe to the service as well. It's available 24 hours a day and the service makes it extremely convenient for agents to verify their information and keep track of their status and goals.

Phoenix Launches First Standalone Dual Coverage Universal Life Policy That Pays Benefit on the First Death

Joint Advantage UL Offers Cost Savings Over Two Standard Policies But Doesn’t Sacrifice Cash Accumulation

HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE: PNX) today introduced Phoenix Joint Advantage Universal Life (UL), a first-to-die universal life insurance product for two lives that features flexible premiums and cash accumulation, giving customers vital insurance protection and the opportunity to grow their cash values.

Phoenix Joint Advantage UL, the first of its kind, is designed to appeal to couples or small business partners who are concerned about cash flow or liquidity on the first death. For businesses, its primary use is protecting each partner’s interest for buyout purposes.

This policy covers two lives under one policy and one premium payment. It pays a death benefit on the first death, and, if clients add the Survivor Purchase Option Rider to their policy, the surviving spouse or business partner will be able to buy a new Phoenix policy at that time with no need for medical evidence of insurability. With a Phoenix Joint Advantage UL policy, customers can meet their need for dual income replacement and stable accumulation at a cost they can afford.

"Phoenix Joint Advantage UL is an important addition to our product portfolio because, for many clients, it's a significantly cost-effective alternative to the expense of two standard UL policies," said Tom Buckingham, senior vice president, Product Development, Life and Annuity. "At a time when conserving your working capital is especially important, a life insurance solution that actually saves money is truly a valuable asset.”

"We heard from advisors that in today’s volatile markets, their clients want insurance products that offer an economical approach coupled with flexibility and an opportunity for steady cash accumulation. Phoenix Joint Advantage UL delivers on both counts," Buckingham said.

Phoenix Joint Advantage UL is highly cost effective compared to two individual UL policies. For example, a male and a female, both age 45 with face amounts of $1 million and a preferred plus risk class, would pay an annual premium cost of $12,103 for two individual UL policies. The annual premium cost for one Phoenix Joint Advantage UL Policy with Survivor Purchase Option Rider is $10,193, creating annual savings of 16 percent over two individual policies*.

Phoenix Joint Advantage UL is also very flexible, with features that include flexible premiums that allow clients to decide when and how much they want to pay. Depending on their needs, couples or business partners can elect to have different amounts of coverage on the two people being ensured. Clients can also choose either a fixed death benefit equal to the policy’s face amount or an increasing death benefit that equals the policy’s face amount added to its cash value.

Clients who prefer additional insurance protections can add the following optional riders to their policies at no additional cost: Policy Exchange Option Rider, which allows clients to exchange their Phoenix Joint Advantage UL policy for two single life policies without evidence of insurability; and, Overloan Protection Rider, which helps to prevent policy lapse (a taxable event) if loan debt should exceed cash value due to a heavily-loaned policy. Other riders available for purchase at issue include: Level Term Rider, Increasing Term Protection Rider, Survivor Purchase Option Rider, Alternative Surrender Value Rider, and Waiver of Surrender Charge Rider.

In addition to flexible premiums and insurance protections, Phoenix Joint Advantage UL lets clients who need to access their cash values take a withdrawal or a policy loan, without current income tax up to the cost basis of the initial premium.

To learn more about Phoenix Joint Advantage UL and other life insurance products available from Phoenix, agents and financial advisors can contact their Phoenix wholesaler, the Life and Annuity Sales Desk at 800-417-4769, or visit www.phoenixwm.com.

ABOUT PHOENIX

With a history dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) provides financial solutions using life insurance and annuities, with particular expertise in the high-net-worth and affluent market. In 2008, Phoenix had annual revenues of $2.0 billion and total assets of $25.8 billion.

Phoenix is a leader in the life insurance industry, with a distinguished record of industry firsts in product design and underwriting. The company's underwriting capabilities can accommodate a range of customers and risk situations and address clients' estate, business and retirement planning strategies. Phoenix also offers a complete suite of annuity products with a full spectrum of optional guarantees, and with expert technical analysis of complex annuity contracts to help customers own the right products to fit their unique needs.

*This is a hypothetical example and is used only to describe how this strategy may work. Which strategy works best for clients will depend on their individual facts and circumstances. Actual results will vary. Any representation of life insurance premium or death benefit is purely hypothetical in amount and is not a guarantee of cost or death benefit now or in the future from a specific life insurance policy. Clients will receive a personalized illustration that reflects all applicable fees and charges, including the cost of insurance.

Leadbot Helps Agents Increase Their Conversion Rates With Qualified Life Insurance Leads

Leadbot, the nationally recognized producer of high-quality health, annuity and life insurance leads for insurance agents and brokers, has developed a system of lead generation that... begins with the creation of popular web properties full of helpful insurance information, advice and resources. These websites are then optimized for the major search engines, including Google, Bing and Yahoo...

INN: Leadbot Helps Agents Increase Their Conversion Rates With Qualified Life Insurance Leads